Anthropic IPO Would Top SpaceX, Could Surpass Meta in Wave of AI-Fueled Equity Sales

Big deals clustering around AI funding

Anthropic PBC is lining up another mega-transaction in a year stuffed with equity raises on a scale the last decade never saw. If its debut prices at the high end on Nov. 18, the IPO plus a private placement would total $90.4 billion, outpacing the $86.2 billion raised in SpaceX's June listing.

There is more room to run. Should underwriters use the over-allotment after trading begins, the haul would clear $100 billion, which would top the roughly $98 billion equity package Meta Platforms Inc. announced last month to fund its AI efforts.

The scale shows up in the totals

Add up IPOs, completed at-the-market offerings, and marketed share sales, and US-listed companies have already raised more than $425 billion, according to Bloomberg - ahead of the roughly $408 billion in 2021. With Anthropic in the mix, the three largest US IPOs ever arrived within months, a snapshot of how AI funding needs are stretching deal sizes. Even after adjusting for inflation, this year's biggest IPOs exceed prior landmarks such as Saudi Aramco and Visa Inc.

In July, SK Hynix Inc. completed a $26.5 billion US listing that marked the biggest offering by a company based outside the country. Adjusting for inflation, however, it lines up more with earlier eras and comes in behind the initial offerings from Alibaba Group Holding Ltd. (2014) and SoftBank Corp. (2018).

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ATM programs and other big offerings

The AI buildout has also nudged long-established tech names back into the market. Led by Mark Zuckerberg, Meta is on track to claim the largest equity raise at $98 billion, split between a public offering that's actively promoted and a package of preferred shares. Most of that is tied to a planned $60 billion at-the-market program, which lets companies sell shares directly into the open market over time. Meta's and Alphabet's programs have been announced but are not yet officially completed.

ATMs have swelled alongside IPOs. Bloomberg's data show that the Bitcoin-focused treasury company Strategy Inc. pulled in $21 billion through an ATM in 2024 and completed a second deal matching that amount in 2025. This year, Alphabet Inc. outlined roughly $85 billion in funding that includes a $40 billion ATM. Oracle Corp. sold about $20 billion of stock through an ATM and raised additional tens of billions via further equity and debt sales.

What this clustering means for investors

In plain English: AI is expensive, and companies are selling stock to pay for it. Expect a steady stream of large equity deals - from IPOs to ongoing ATMs - with totals already beyond the last big cycle.

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